TheStreet.com CEO abruptly announces departure

TheStreet.com CEO Thomas Clarke announced Friday that he was leaving the company immediately, reports Hilary Potkewitz of Crain’s New York Business.

Potkewitz writes, “He’s been temporarily replaced by Daryl Otte, a longtime director on the company’s board, who will serve as chief until the search committee, which he is leading, finds a new CEO.

“Outsized TV personality and chairman of the board Jim Cramer issued a boilerplate statement on Mr. Clarke’s departure, saying only, ‘I want to thank Tom for his long-time service to the Company and wish him the best of luck in his future endeavors.’

“The abrupt nature of Mr. Clarke’s departure only adds to the company’s troubles in the current bear market. Its stock dropped below $2 per share this week, down from $9.50 per share a year ago.

“The stock in recent years had traded as high as $16 per share in December of 2007, but has suffered with the decline in the media and advertising markets. Its success was tied closely to Mr. Cramer’s popularity, and the recent heavy criticism of his bombastic television personality may be reflected in the company’s performance.”

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